Annual Investor Day

February 27, 2020

2020 AGENDA

There Will Be a Brief Q&A Period After Each Business Presentation

TIME TOPIC PRESENTER

8:30–8:35 Welcome, Introductions Jason Feldman

8:35–9:00 Strategic Overview Max Mitchell

9:00–9:20 Financial Overview Rich Maue

9:20–9:50 Payment & Merchandising Technologies Kurt Gallo

9:50–10:05 BREAK

10:05–10:35 Fluid Handling Brad Ellis

10:35–11:15 Aerospace & Electronics Stephen M. Zimmerman

11:15–11:45 Summary and Q&A All

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FORWARD-LOOKING STATEMENTS–DISCLAIMER

The information in this presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. You can identify forward-looking statements by the use of terms such as “believes,” “contemplates,” “expects,” “may,” “could,” “should,” “would,” or “anticipates,” other similar phrases, or the negatives of these terms. We have based the forward-looking statements relating to our operations on our current expectations, estimates and projections about us and the markets we serve. We caution you that these statements are not guarantees of future performance and involve risks and uncertainties. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including those detailed on Page 1 of our Annual Report on Form 10-K for 2019 and in our subsequent disclosures filed with the Securities and Exchange Commission.

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Crane Co. Strategic Overview

Max Mitchell, President and Chief Executive Officer

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Excellence is a moving target. But we are

an improving and increasingly agile

company.

I believe that speaks well for our ability to

prosper amid the inevitable uncertainty

and cyclicality of global markets.

Chairman of the Board

R. S. Evans1984 – Present

R. S. EvansChairman of the Board

Eric C. FastPresident & CEO (2001–2014)

R. S. EvansChairman of the Board

Max H. MitchellPresident & CEO (2014–present)

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FULL-YEAR 2019 EARNINGS SUMMARY

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FY 2019 FY 2018 Change

Sales $3,283 $3,346 (2%)

Operating Profit* $494 $485 +2%

Operating Margin* 15.0% 14.5% +50 bps

Earnings per Share* $6.02 $5.99 +1%

Free Cash Flow** $325 $305 +7%

FY 2019

Core Growth (0.4%)

Acquisitions, net +0.1%

FX Translation (1.6%)

Total Sales Change (1.9%)

FY 2019

Diluted EPS: GAAP $2.20

Asbestos Provision $2.98

Repositioning $0.43

Environmental and Other $0.41

Diluted EPS: non-GAAP $6.02

Additional Details

$ Millions Except per-share Amounts

* Excludes Special Items. Please see non-GAAP Financial Measures tables for details. ** Free cash flow is defined as cash provided by operating activities less capital spending. Please see non-GAAP Financial Measures tables for details.

CORONAVIRUS UPDATE

• Direct sales exposure to China limited

• Beginning to see impact of supply-chain disruptions across most businesses

• Maintaining adjusted EPS* guidance of $6.20-$6.50

– Will continue to monitor and assess impact

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• POTENTIAL CORONAVIRUS IMPACT DIFFICULT TO PREDICT; NOT INCLUDED IN GUIDANCE»* Excludes Special Items. Please see non-GAAP Financial Measures tables for details.

MULTI-YEAR EPS* GROWTH VIEW

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$4.53

2017* 2021F

$7.50+

+13% CAGR(2017–2021F)

* Excludes Special Items. Please see non-GAAP Financial Measures tables for details.

THREE LARGE, GLOBAL GROWTH PLATFORMS

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Fluid Handling Aerospace & ElectronicsPayment & Merchandising

Technologies

CRANE BUSINESSES – WHAT WE OWN

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• Long-term positive through-cycle demand outlook

• Large installed base or long-lived programs

• Evolutionary vs revolutionary product cycles (>5 years)

Resilient and Durable Businesses

Product Importance • Critical input to end product/system performance with high cost of failure

Design-driven • Differentiated design or technology-driven advantage (>30% Gross Margins)

Light-manufacturing • Discrete assembly or materials converting (>1.5x asset turns)

High, Stable ROI• ROIC well above WACC

• Sizable (>$100M), Typically top 2 share position in served applications

ONGOING REVIEW AND ANALYSIS OF PORTFOLIO STRUCTURE AND COMPOSITION

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RO

IC

5-Year Value Creation(Blend of sales growth, margin improvement, and FCF Conversion)

HigherLower

Lower

Higher

Crane Estimated WACC

Est.

In

dustr

y A

vg.

Valu

e C

reation

Note: Illustrative only.

HOW WE OPERATE

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MANAGEMENT CADENCE AND DISCIPLINED EXECUTION

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• EXTREME ACCOUNTABILITY IN ALL ASPECTS OF OUR BUSINESS»

• Rigorous, data-driven management cadence

• Continuous improvement focused

• Highest integrity/commitment to quality

• Empowered, customer-focused BU GMs

ENGINEERING EXCELLENCE AND INNOVATION

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CBS DRIVES MARGIN IMPROVEMENT

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Adjusted Operating Margin* Since CBS Formalized

9.8%10.4%

10.8%11.2%

10.2%9.6%

11.2%12.1%

13.2%

14.4%14.0% 13.8% 14.0%

14.7% 14.5%15.0% 15.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020G

* Excludes Special Items. Please see non-GAAP Financial Measures tables for details.

CBS DRIVES FREE CASH FLOW

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Free Cash Flow*$ Millions

$113 $115

$205 $210 $220

$189

$267 $269

$305$325

$345

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020G

+12% CAGR

* Free Cash Flow is defined as Cash Provided by Operating Activities less Capital Spending. Please see non-GAAP Financial Measures tables for details.

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CAPITAL DEPLOYMENT POTENTIAL

• ADDITIONAL VALUE CREATION POTENTIAL

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$2.5–$3.0 Billion Available from 2018–2021

OperatingCash Flow

Repatriated Cash

IncrementalDebt Capacity

Capital Expenditures

Dividends

M&A & Repurchases Committed in 2019

M&A and/orRepurchases

Sources Uses

~$1.5B to $2B

Available for M&A

and/or Repurchases while

Retaining Credit Metrics

Consistent with Existing

Investment Grade Rating

DATA-DRIVEN AND ANALYTICAL APPROACH TO M&A IDENTIFICATION BY SEGMENT

Sp

ace

Att

racti

ven

ess

Extendibility for CraneHigherLower

Lower

Higher

$5B estimated EV

19Note: Illustrative only.

R.T. CRANE RESOLUTION

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I am resolved to conduct my business in the strictest

honesty and fairness; to avoid all deception and

trickery; to deal fairly with both customers and

competitors; to be liberal and just toward employees;

and to put my whole mind upon the business.

Resolution Made by

Richard Teller CraneFounder of Crane Co., on July 4, 1855

PHILANTHROPY, SUSTAINABILITY AND EQUALITY (PSE)

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• FULL PSE REPORT WILL BE PUBLISHED IN MID-MARCH 2020»

WHY INVESTORS SHOULD HAVE CONTINUED CONFIDENCE

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Leading, 'sticky' positions in long-cycle demand markets

Portfolio of healthy, high ROI businesses across portfolio

Outstanding operator with differentiated CBS capability

Significant free cash generator

Disciplined capital allocator

High value M&A potential in core segments

High-performance culture based on ethics and integrity

2020 AGENDA

There Will Be a Brief Q&A Period After Each Business Presentation

TIME TOPIC PRESENTER

8:30–8:35 Welcome, Introductions Jason Feldman

8:35–9:00 Strategic Overview Max Mitchell

9:00–9:20 Financial Overview Rich Maue

9:20–9:50 Payment & Merchandising Technologies Kurt Gallo

9:50–10:05 BREAK

10:05–10:35 Fluid Handling Brad Ellis

10:35–11:15 Aerospace & Electronics Stephen M. Zimmerman

11:15–11:45 Summary and Q&A All

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